Now-casting and the real-time data-flow
Subject
Economics
Publishing details
Authors / Editors
Giannone D;Banbura M;Modugno M;Reichlin L
Biographies
Publication Year
2013
Abstract
The term now-casting is a contraction for now and forecasting and has been used for a long time in meteorology and recently also in economics. In this chapter we survey recent developments in economic now-casting with special focus on those models that formalize key features of how market participants and policymakers read macroeconomic data releases in real-time, which involves monitoring many data, forming expectations about them and revising the assessment on the state of the economy whenever realizations diverge sizeably from those expectations.
Keywords
Macroeconomic news; Macroeconomic forecasting; High-dimensional data; Real-time data; Mixed frequency; Dynamic factor model, State-space models
Available on ECCH
No
